Get expert opinion. This is the place for new questions to be posted.
-
Joanne.15
- Posts: 7
- Joined: Fri Feb 07, 2014 2:35 pm
Hi Judith,
Thanks for this, I have sent you a message today.
Joanne
-
Desperate Bob
- Posts: 72
- Joined: Sun Jan 26, 2014 6:00 pm
- Location:
So Olivia let me get this straight, was the 24 month extension in your original proposal and you just didn't spot it or did it state 12 months.
If it was 12 months in your proposal your IP has now decided after 4 years as you could not release equity you would have to extend to 24 months.
Is That correct or have I got It wrong?
-
oliviaseb
- Posts: 29
- Joined: Mon Jul 16, 2012 1:48 pm
- Location:
Hi Bob
According to our practitioner modifications were made back in 2009 to allow them to extend the IVA to obtain more money if equity is in the property.
-
Gaccream
- Posts: 52
- Joined: Tue Nov 16, 2010 4:41 pm
- Location: United Kingdom
Hi, I have not contributed for some time on here, but have successfully completed an IVA. My IVA did have a re-mortgage "Clause", however, because of the general downturn in the re-mortgage market, I couldn't obtain a new deal. I made an offer of a full and final in lieu of the 12 months extension. If you can raise funds through a third party that your IP will be happy with, they can advise your creditors accordingly. Good luck
RPF - Learning more Every Day
-
Desperate Bob
- Posts: 72
- Joined: Sun Jan 26, 2014 6:00 pm
- Location:
Oh I see now Olivia, I think if the modifications were made when your IVA proposal was presented to your creditors its only fair.
Also look on the bright side in that you will not have to re-mortgage or get a secured loan which would be much much longer than 2 years.
P.S sorry Joanne for hijacking the thread.
I thought your proposal was modified after 4 years that's all.
